Business News Highlights: Sensex Rises 599 Points; Nifty Settles Near 22,150

Business News Highlights: Please follow this space for all the breaking news and latest updates from the stock market, economy, and corporate world

19/04/2024 16:47:22

Hindustan Zinc Q4 Result: Firms Recorded Net Profit Dip Of 21%

Hindustan Zinc Ltd. reported a 21 per cent decrease in its consolidated net profit to Rs 2,038 crore for the quarter ended March 31, 2024. This decline was primarily attributed to lower zinc prices. In the same quarter of the previous fiscal year, the company posted a consolidated net profit of Rs 2,583 crore, the firm said on Friday.

19/04/2024 16:20:29

Wipro Q4 Result: Net Profit Declines 8% To Rs 2,835 Crore

Wipro recorded a net profit of Rs 2,835 crore for the fourth quarter of the fiscal year 2023-24, down from Rs 3,074.5 crore reported in the same period last year. The software services company's revenue for the quarter stood at Rs 22,208.3 crore, compared to Rs 23,190.30 crore in the corresponding quarter of the previous year, as per an exchange filing on Friday.

19/04/2024 16:11:02

Stock Market: Sensex Jumps 599 Points, Nifty Closes At 22,147

The Indian equity market broke a four-day losing streak and closed higher on Friday, with the Nifty hovering around 22,150. By the end of the session, the Sensex had surged by 599.34 points or 0.83 per cent to reach 73,088.33, while the Nifty rose by 151.20 points or 0.69 per cent to settle at 22,147. Among the stocks, 1576 recorded gains, 1770 faced declines, and 95 remained unchanged.

19/04/2024 15:37:55

Manappuram Finance Plans To Raise Up To $500 Million Through ECB

Gold loan provider Manappuram Finance announced on Friday that its board has approved the potential raising of up to $500 million (approximately Rs 4,100 crore) through external commercial borrowings (ECBs). The funds will be procured in one or more instalments, as stated in a regulatory filing by Manappuram Finance. The company further mentioned that its Financial Resources and Management Committee, during a meeting on April 19, 2024, has endorsed the fundraising plan.

19/04/2024 15:20:04

Dhanlaxmi Bank Names Ajith Kumar K K As MD

Dhanlaxmi Bank, a private sector bank, announced the appointment of Ajith Kumar KK as its managing director and CEO for a three-year tenure on Friday. The appointment is subject to shareholder approval as per regulatory requirements, as stated in a regulatory filing by Dhanlaxmi Bank. Currently serving as the Chief Human Resources Officer at Federal Bank with the rank of president, Ajith Kumar KK also holds the position of director at Federal Operations & Services Ltd, a wholly-owned subsidiary of Federal Bank, due to his employment.

19/04/2024 14:49:55

Aurionpro Solutions Expands Portfolio With Arya.ai Acquisition

Aurionpro Solutions, a technology firm, announced on Friday its acquisition of platform-as-a-service (PaaS) startup Arya.ai for Rs 135 crore, securing a 67 per cent stake in the Mumbai-based company. This strategic move is geared towards enhancing the capabilities of next-generation enterprise Artificial Intelligence (AI) platforms for financial institutions globally, according to a statement released by the company.

19/04/2024 13:58:30

CCPA Urges FSSAI To Investigate Allegation Of Sugar Addition In Nestle Baby Products

The Central Consumer Protection Authority (CCPA) has requested the Food Safety and Standards Authority of India (FSSAI) to investigate allegations made by a Swiss NGO, Public Eye, and the International Baby Food Action Network. These organizations claimed Nestle was selling baby products with higher sugar content in less developed countries like India. Read Here

19/04/2024 13:05:28

Apple Removes WhatsApp, Threads From China App Store Under Govt Directive

Apple has eliminated Meta Platforms applications WhatsApp and Threads from its App Store in China in compliance with directives from the Chinese government. This step was taken due to concerns over national security. Apple confirmed to the news agency Reuters that the Cyberspace Administration of China mandated the removal of these apps from the China-specific Apple Store. Read Here

19/04/2024 12:28:57

Elon Musk Takes Action Against Engagement Farming On X

Elon Musk, the owner of X, has been dealing with the issue of engagement farming accounts for a while. Now, he's taking action against them. Musk recently declared that such accounts will face suspension and will be traced back to their origin. In a statement posted on X, he emphasised, "Any accounts doing engagement farming will be suspended and traced to source." Read Here

19/04/2024 11:58:58

Intel Appoints Santhosh Viswanathan As MD For India Region

Intel, the computer chip manufacturer, announced on Friday that Santhosh Viswanathan will assume the role of Managing Director (MD) for its India region business. With an approximate 21-year tenure at Intel, Viswanathan brings extensive experience to his new position. This announcement comes after Intel declared India a distinct region within its SMG (Sales, Marketing, and Communications Group) organization in March of this year. This strategic move aims to leverage India's rapid growth and emerging business prospects.

19/04/2024 11:48:58

Nestle Stock Extends Losses Into 2nd Consecutive Day

Nestle India's shares continued their downward trajectory on Friday, plummeting over 3.50 per cent amid reports alleging higher sugar content in infant milk products sold by the global FMCG giant in less developed countries. The stock fell 3.53 per cent to Rs 2,375.75 on the BSE and dipped 2 per cent to Rs 2,412.05 on the NSE. Nestle India had witnessed a similar decline of over 3 per cent in its shares on Thursday. 

19/04/2024 11:06:59

Infosys Shares Fall Almost 3% Post After Q4 earning Announcement

Infosys shares fell nearly 3 per cent on Friday following disappointment in the company's revenue growth for FY25, which fell short of market expectations. The stock fell by 2.87 per cent to Rs 1,379.70 on the BSE and by 2.85 per cent to Rs 1,378.75 on the NSE during morning trade. This downturn reduced its market capitalisation by Rs 9,549.6 crore to Rs 5,80,042.22 crore.

19/04/2024 10:34:47

Rupee Declines 6 Paise To Rs 83.58 In Early Trade

The rupee weakened by 6 paise to Rs 83.58 against the US dollar in early trading on Friday, influenced by a downward trend in domestic stocks and higher crude oil prices. Forex traders attributed this to the dollar's strength in global markets, which dampened investor confidence. The rupee opened at 83.58 against the dollar at the interbank foreign exchange, marking a decline of 6 paise from its previous close.

19/04/2024 10:09:11

Inox Wind Secures 210 MW Wind Project Repeat Order From Hero Future Energies

Wind energy solutions provider Inox Wind announced on Friday the acquisition of a repeat order for 210 MW of its 3 MW wind turbine generators from Hero Future Energies (HFE). The statement also mentioned that Inox Wind would offer post-commissioning multi-year Operations & Maintenance (O&M) services. The order pertains to Inox Wind Ltd's state-of-the-art 3 MW Wind Turbine Generators (WTGs), including equipment supply with additional services as specified in the statement.

19/04/2024 09:42:57

India Shines Amid Global Economic Slowdown: Economic Affairs Secretary

India's economy has demonstrated strong growth despite global challenges, said a senior Indian official while addressing members of a World Bank committee. The Economic Affairs Secretary, Ajay Seth, highlighted sustained consumption and investment demand as key drivers behind this resilience. He noted that the GDP growth estimate for the fiscal year was revised upwards from 7.3 per cent to 7.6 per cent in the second advance estimates, underscoring the enduring strength of India's economy.

19/04/2024 09:30:20

Stock Market Open: Sensex Falls 627 Points; Nifty Below 21,900

Indian indices started trading on Friday with a gap-down opening, with the Nifty hovering around 21,900. The Sensex saw a decline of 627.18 points or 0.87 per cent, settling at 71,861.81, while the Nifty dropped by 186.10 points or 0.85 per cent, reaching 21,809.70. Among the listed stocks, 541 shares advanced, 1,643 shares declined, and 103 shares remained unchanged.

19/04/2024 09:07:08

Stock Market Pre-Open: Sensex Tanks 775 Points; Nifty Below 22,000

In the pre-opening session, benchmark indices are trading lower on Friday. The Sensex tanked 775 points, while the Nifty is trading below the 22,000 mark.

19/04/2024 08:43:58

IMF Ready To Assist Pakistan In Economic Revival Efforts

The International Monetary Fund is more than willing to assist financially strained Pakistan in implementing crucial reforms to enhance and stabilise its economic condition. Jihad Azour, Director of the Middle East and Central Asia Department at the IMF, told reporters on the sidelines of the annual Spring Meetings of the IMF and the World Bank that Pakistan has expressed interest in a new program to address key challenges, reported PTI.

Background

Business News Highlights: Hello and welcome to ABP Live's Business LIVE blog. Please follow this space for all the breaking news and latest updates from the stock market, economy, and the corporate world.

GIFT Nifty is trading lower on Friday, giving an indication of a negative start to the Indian stock market.

In the previous trading session on Thursday, the Indian Stock Market extended its downward trajectory for the fourth consecutive session. The BSE Sensex ended the session at 72,488.99, showing a decline of over 454.69 points or 0.62 per cent. Similarly, the NSE Nifty50 concluded at 21,995.85, registering a decrease of 150.05 points or 0.69 per cent.

Further, on Thursday, Indian IT services firm Infosys announced that its consolidated profit surged by 30 per cent to Rs 7,969 crore in the fourth quarter (Q4) ended in March 2024. According to a regulatory filing, the company recorded a profit of Rs 6,128 crore in the corresponding period a year ago. Infosys' consolidated revenue for the reported quarter rose 1.3 per cent to Rs 37,923 crore from Rs 37,441 crore in the same quarter a year ago.

Salil Parekh, CEO and MD, said, "Our capabilities in Generative AI continue to expand. We are working on client programs, leveraging large language models with impact across software engineering, process optimisation, and customer support."

"I would like to thank our 317,000 employees across the world that are working to create value for our clients. Hiring models has changed significantly over the years. Doing more than half of the hiring off campus,” he added.

In addition, on Thursday, Nestlé India experienced a significant setback in the stock market, with its shares plunging up to 5.4 per cent. This decline came in response to allegations of adding sugar to baby food products sold in India and several other countries.

A company spokesperson said, “Compliance is an essential characteristic of Nestlé India and we will never compromise on that. We also ensure that our products manufactured in India are in full and strict compliance with CODEX standards (a commission established by WHO and FAO) and local specifications (as required) pertaining to the requirements all nutrients including added sugars. Reduction of added sugars is a priority for Nestlé India. Over the past 5 years, we have already reduced added sugars by up to 30%, depending on the variant. We regularly review our portfolio and continue to innovate and reformulate our products to further reduce the level of added sugars, without compromising on nutrition, quality, safety, and taste. Nestlé India is committed to delivering the best nutrition to our consumers, which we have been doing for  over 100 years and would always maintain highest standards of Nutrition, Quality and Safety in our products.”